Title

Overdraft Fee Notification Act

Official Title

To amend the Electronic Fund Transfer Act to require notice to the consumer before any fee may be imposed by a financial institution in connection with any transaction for any overdraft protection service provided with respect to such transaction, and for other purposes.

Summary

Overdraft Fee Notification Act - Amends the Electronic Fund Transfer Act to prohibit a financial institution from imposing any fee or charge for consumer overdraft protection unless it notifies the consumer, in a specified manner, of the fee or charge for such protection before the transaction that would result in an overdraft is completed. Requires such notice for all in-person, automated, telephonic, and Internet-based financial transactions.
Requires financial institutions to disclose to the consumer in periodic statements the annual percentage rate of interest which any overdraft protection fee or charge represents.

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